Korea may halt crude imports from Iran: report

SeoulBureau

SEOUL (MarketWatch) -- The South Korean government is considering a cut or suspension of crude oil imports from Iran to join efforts by the U.S. and other allies to toughen sanctions on the Middle Eastern nation accused of developing a uranium-based nuclear program, Yonhap News Agency reported Friday, citing an unnamed diplomatic source.

Imposing bilateral sanctions on Iran is "shaping up as an obligation as a responsible member of the international community, not a matter of choice," Yonhap quoted the source as saying.

The report added, "If this situation regarding Iran continues, we will have to take a step to change the oil import channel," the source said, adding Saudi Arabia can be an alternative source of imports. South Korea imports about 9% of its crude oil from Iran.

South Korea has come under growing pressure to reduce its trade with Iran as its top ally, the U.S., is fast moving to shrink Teheran's oil exports and block its cash sources for weapons development, the report said.

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